Commercial Metals (NYSE:CMC) Stake Boosted by Hoey Investments Inc.

Hoey Investments Inc. grew its stake in shares of Commercial Metals (NYSE:CMC) by 3.7% during the 1st quarter, HoldingsChannel reports. The fund owned 25,809 shares of the basic materials company’s stock after acquiring an additional 913 shares during the period. Commercial Metals accounts for 0.2% of Hoey Investments Inc.’s holdings, making the stock its 22nd biggest position. Hoey Investments Inc.’s holdings in Commercial Metals were worth $1,187,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds have also modified their holdings of the company. Park Square Financial Group LLC purchased a new position in shares of Commercial Metals during the 4th quarter valued at $33,000. Heck Capital Advisors LLC purchased a new position in shares of Commercial Metals during the 4th quarter valued at $34,000. V Square Quantitative Management LLC grew its holdings in shares of Commercial Metals by 60.7% during the 4th quarter. V Square Quantitative Management LLC now owns 707 shares of the basic materials company’s stock valued at $35,000 after acquiring an additional 267 shares in the last quarter. UMB Bank n.a. grew its holdings in shares of Commercial Metals by 51.9% during the 1st quarter. UMB Bank n.a. now owns 784 shares of the basic materials company’s stock valued at $36,000 after acquiring an additional 268 shares in the last quarter. Finally, South Plains Financial Inc. purchased a new position in shares of Commercial Metals during the 4th quarter valued at $73,000. 86.90% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In related news, Director John R. Mcpherson acquired 2,475 shares of the business’s stock in a transaction dated Friday, April 4th. The stock was acquired at an average price of $40.42 per share, with a total value of $100,039.50. Following the completion of the transaction, the director now owns 15,141 shares of the company’s stock, valued at approximately $611,999.22. This represents a 19.54% increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is accessible through the SEC website. 0.46% of the stock is owned by company insiders.

Commercial Metals Stock Down 0.6%

Commercial Metals stock opened at $48.36 on Friday. The firm has a market cap of $5.46 billion, a price-to-earnings ratio of 43.57, a P/E/G ratio of 2.62 and a beta of 1.27. The company has a debt-to-equity ratio of 0.29, a current ratio of 2.76 and a quick ratio of 1.94. Commercial Metals has a fifty-two week low of $37.92 and a fifty-two week high of $64.53. The firm has a fifty day moving average price of $45.89 and a two-hundred day moving average price of $48.83.

Commercial Metals (NYSE:CMC) last released its earnings results on Thursday, March 20th. The basic materials company reported $0.26 earnings per share for the quarter, missing analysts’ consensus estimates of $0.31 by ($0.05). The firm had revenue of $1.75 billion for the quarter, compared to analyst estimates of $1.73 billion. Commercial Metals had a return on equity of 9.88% and a net margin of 1.70%. The firm’s revenue was down 5.1% on a year-over-year basis. During the same period in the prior year, the firm earned $0.88 EPS. As a group, analysts forecast that Commercial Metals will post 3.09 earnings per share for the current year.

Commercial Metals Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, April 9th. Stockholders of record on Monday, March 31st were given a dividend of $0.18 per share. This represents a $0.72 dividend on an annualized basis and a dividend yield of 1.49%. The ex-dividend date of this dividend was Monday, March 31st. Commercial Metals’s dividend payout ratio is currently 120.00%.

Analyst Upgrades and Downgrades

Several equities research analysts recently issued reports on the stock. UBS Group reduced their price objective on shares of Commercial Metals from $54.00 to $49.00 and set a “neutral” rating for the company in a research note on Monday, March 24th. JPMorgan Chase & Co. assumed coverage on shares of Commercial Metals in a report on Friday, May 30th. They issued a “neutral” rating and a $52.00 price objective for the company. Wolfe Research upgraded shares of Commercial Metals from a “peer perform” rating to an “outperform” rating and set a $50.00 price objective for the company in a report on Tuesday, May 27th. Morgan Stanley decreased their price objective on shares of Commercial Metals from $56.00 to $53.00 and set an “equal weight” rating for the company in a report on Friday, March 7th. Finally, BMO Capital Markets decreased their price objective on shares of Commercial Metals from $58.00 to $54.00 and set a “market perform” rating for the company in a report on Friday, March 21st. Six analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat.com, Commercial Metals has a consensus rating of “Hold” and an average target price of $58.00.

Commercial Metals Profile

Commercial Metals Company manufactures, recycles, and fabricates steel and metal products, and related materials and services in the United States, Poland, China, and internationally. It operates through two segments, North America and Europe. The company processes and sells ferrous and nonferrous scrap metals to steel mills and foundries, aluminum sheet and ingot manufacturers, brass and bronze ingot makers, copper refineries and mills, secondary lead smelters, specialty steel mills, high temperature alloy manufacturers, and other consumers.